M&M Chairman Anand Mahindra's salary up by 16.38%in FY17

The report further said the average percentage decrease made in the salaries of employees other than managerial personnel in 2016-17 was 1.46 per cent whereas the decrease in the managerial remuneration for the year was 7.35 per cent.

New Delhi:Mahindra and Mahindra (M&M) Chairman Anand Mahindra took home salary of Rs 7.67 crore during 2016-17, an increase of 16.38 per cent from the previous fiscal, says the company's annual report.

In terms of ratio of his remuneration to that of the median remuneration of employees, it was 108.27, the report added.

Similarly, Managing Director Pawan Goenka received Rs 7.39 crore as remuneration, excluding perquisite value of ESOPs exercised for 2016-17. This was an increase of 15.86 per cent, said the report.

The ratio of Goenka's remuneration to that of the median remuneration of employees was 104.43.

As per the report, the median remuneration of employees of the company in 2016-17 was at Rs 7.08 lakh.

"In the financial year, there was an increase of 0.43 per cent in the median remuneration of employees," it added.

The report further said the average percentage decrease made in the salaries of employees other than managerial personnel in 2016-17 was 1.46 per cent whereas the decrease in the managerial remuneration for the year was 7.35 per cent.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.